Finding the most suitable electricity plan is essential to cutting costs and saving on electricity, for the cost of electricity is increasing. It requires you to look for a retailer who offers a plan that will provide power at reasonable costs meeting your needs. In fact, you wonder if you could find an electrical supplier that can provide you with affordable monthly prices together with some attractive offers.
Rest assured, you have great news. With a reliable marketplace, you can find a better electricity retailer, who can give you the best electricity plan. Consumers have a great opportunity to compare different price plans and look for the best deals using the online electricity marketplace. With several electricity retailers onboard and additional credit card promotions and perks, one will find it easy and hassle-free to choose and switch to a new retailer.
Understanding the Open Electricity Market (OEM)
Before the initiation of the Open Electricity Market (OEM), people living in Singapore had no other option other than getting electricity from Singapore Power Group. To liberalize and make the power market more accessible to businesses, the Energy Market Authority (EMA) started the OEM project.
Electricity users now have multiple options and flexibility when buying electricity, which enables them to reduce their monthly electricity costs. It is accessible to all customers nationwide in zones, mostly residences. Families can now choose or shift to the OEM retailer that best suits their needs and the price plan. On the other hand, if they so want, they can continue with the present supplier, SP Group.
Consumers can choose from nine OEM-certified electricity retailers, who offer various price plans to suit their demands. The online comparison tool can help you find the best price plan among the plans offering competitive pricing and exclusive incentives.
Types of Electricity Plans
You will come across two types of OEM electricity plans: Standard Price and Non-Standard Price plans.
- Standard Price Plans
They have a contract length of six, twelve, or twenty-four months and offer all-inclusive power prices without additional per-kWh costs. For Standard Price Plans, there are no ongoing fees or charges associated with the price. The prices are fixed during the contract period.
- Fixed-Price Plan
Under this plan, you are required to pay a predefined amount, irrespective of changes in tariffs for the duration of the contract. Here, you would rather pay a set price even when there is a change in Singapore Power tariff.
- Discount-Off-Regulated-Tariff Plan
You can get a set discount on Singapore Power’s tariff using the discount-off-regulated tariff option. The amount you pay varies based on changes in tariffs. This plan is perfect for you if you are confident that tariffs will decrease or if you do not mind modest price fluctuations.
- Non-Standard Price Plans
They are those in which the electricity prices are subject to vary over the length of the contract in compliance with the terms of the agreement. Retailers are free to choose the price structure, which comes with fees and recurring charges, and the length of the contract.
How Do OEM Plans Help Lower Your Electricity Bills?
If you are one among those who source electricity from SP Group or who have previously switched and are about to renew your contract, this information is for you.
To compare the current OEM plans, you should log into a well-known marketplace website. The tool gives you an estimated monthly payment based on your typical monthly use in addition to displaying the various plans and their associated costs.
You can find out what credit card savings various energy dealers are offering on their website. For DBS or POSB cardholders, Pacific Light Energy gives rebates of up to SGD90 + SGD20, while Tuas Power offers rebates of up to SGD120 for the same credit cards.
In addition, you can also find seasonal promotions like giveaways and cashback. To provide their customers with value-added services, almost all electricity retailers also work with retail, insurance, and other businesses to help you save on your utility bills.
